SINT

SINTX is a 30-year-old advanced-ceramics company that has never turned a profit and is now shrinking. FY2025 revenue fell 65% to $1.02M — the MD&A frames this as a 'strategic repositioning away from non-core, low-margin OEM' work, but the reality is that grant/contract revenue collapsed 82% ($1.64M→$0.29M) and even core product revenue fell 41%. Gross profit dropped 78% to $461K. Against that trickle of revenue sits an $11.2M operating-expense base ($4.59M R&D, $6.20M G&A), producing a -$10.7M operating loss and a -1053% operating margin. This is not a business with a temporary setback; five years of history (FY21–FY25 revenue $0.61M→$1.56M→$2.63M→$2.89M→$1.02M, never once profitable, cumulative deficit now -$292M) shows a company that cannot scale silicon nitride into a self-sustaining enterprise.

The balance sheet is the decisive problem. Operating cash flow was -$8.57M in FY2025 while cash stood at just $4.14M — roughly six months of runway at the current burn. The only way SINTX has stayed alive is by issuing stock: shares outstanding jumped 64% in a single year to 4.12M (post reverse-split math on a $1.90 quote), and equity still fell 25% to $2.93M despite that raise. Liabilities/equity climbed to 2.25x as current liabilities nearly doubled (+88%). A retail buyer today is almost certain to be diluted heavily — or wiped out in another reverse split — within the next few quarters simply to keep the lights on.